PEEL NON-PROFIT HOUSING CORPORATION

BY-LAW NUMBER 8-90

A by-law authorizing the borrowing of money by Peel Non-Profit Housing Corporation and the granting of security therefor for the Drury Crescent Project.

 

BE IT ENACTED as a by-law of the Corporation as follows:

1. That the Corporation do borrow from Sun Life of Canada, hereinafter referred to as the "Chargee", the sum of $511,397.00 as set out in an Application and Loan Commitment dated August 15, 1990 (hereinafter referred to as "the Commitment Letter") a copy of which is hereto attached and marked "A", subject to such alterations and amendments as may be agreed to by the authorized signing officers of the Corporation.

2. That the execution of the Commitment Letter by the President and the General Manager of the Corporation is hereby ratified, confirmed and approved.

3. That to evidence and secure its obligations to the Chargee, the Corporation do execute and deliver to the Chargee a mortgage (hereinafter called the "Mortgage"), mortgaging and charging to the Chargee the lands and premises being a parcel of approximately 7,600 square feet with frontage of approximately 42.38 feet on Drury Crescent, City of Brampton, and known municipally as 36 Drury Crescent, City of Brampton, Regional Municipality of Peel, (hereinafter called the "Property"), together with such other security documents as may be required by the Chargee pursuant to the Commitment Letter or any amendment thereto (the "Additional Security").

4. That the Mortgage and the Additional Security be in such form as the Chargee shall require.

5. That the authorized signing officers of the Corporation are hereby authorized to execute and deliver on behalf of the Corporation any amendment or amendments to the Commitment Letter, the Mortgage, the Additional Security and all other documents necessary to give effect thereto and to the Commitment Letter, as same may be amended, in the name of and on behalf of the Corporation under its corporate seal or otherwise in such form as the officers of the Corporation executing same may approve, their approval to be conclusively proved by their signatures thereto.

6. That the authorized signing officers of the Corporation are hereby authorized and directed to do all things and execute all instruments and documents necessary or desirable to give effect to this by-law, such authorization to be in addition to the authority specifically granted by this by-law to any officer or officers of the Corporation.

CERTIFIED to be a true copy of By-Law No. 8-90 of Peel Non-Profit Housing Corporation (the "Corporation") which was duly passed at a meeting of the directors of the Corporation duly held on the 25th day of October, 1990 and was subsequently duly confirmed by a unanimous vote of the members of the Corporation at a meeting of the members of the Corporation duly held on the 25th day of October, 1990, which by-law is now in full force and effect.
PEEL NON-PROFIT HOUSING CORPORATION

Maja Prentice, President
c/s Bonnie Zeran, Secretary